The bill introduces a new section, 736.10081, to the Florida Statutes, which outlines the process for a trustee to obtain a settlement of their accounts and be discharged under specific circumstances. A trustee can seek this settlement and discharge if they are in substantial compliance with their duty to inform and account, and either the trust terminates or the trustee resigns or is removed. To initiate this process, the trustee must send a trust disclosure document to qualified beneficiaries and any cotrustee, which must include essential information such as the trustee's contact details, a plan of distribution, and a notice regarding the timeframe for objections.

The bill stipulates that if no timely written objections are received within 60 days of sending the trust disclosure document, the trustee will be discharged from all liability and claims related to the disclosed matters upon completing the distributions or transfers. Additionally, it clarifies that an objection does not need to specify grounds and that a waiver of the right to object is treated as an expiration of the objection period. This new provision applies to all irrevocable trusts or those that become irrevocable after the bill's effective date.